Notcoin Shows Signs of Breaking Two-Month Downtrend

The value of Telegram's cryptocurrency Notcoin (NOT) has been stuck in a prolonged downtrend, lingering at low levels for the past two months.

Azcnews Notcoin Shows Signs Of Breaking Two Month Downtrend

Although this altcoin has attempted to break out of its downward trendline, it has failed to sustain the breakout and has subsequently declined once again.

Unimpressive Growth of Telegram Coin

While the price of Notcoin has surged by 15% over the last 24 hours, this increase is more attributable to broader market signals than to rising demand. Nevertheless, this upward movement appears to be shifting Telegram’s coin towards a bullish trend.

Notcoin’s MACD indicator currently reflects a bearish momentum, which could soon lead to a bullish crossover. This potential shift may signal the beginning of a positive trend for Telegram’s cryptocurrency as the market starts to recover.

Macd Notcoin
Macd Notcoin

On the other hand, Notcoin’s funding rate has been fluctuating between negative and positive values, reflecting ongoing uncertainty and mixed investor sentiment regarding the coin’s future direction.

The ongoing fluctuations in the funding rate underscore the market’s current hesitation. However, the rate is positive at the time of writing, indicating a dominance of long positions. If investor demand remains bullish, Telegram’s coin could potentially recover its recent losses.

Price Prediction for NOT: Resistance Persists

Notcoin Chart
Notcoin Chart

Notcoin’s price at $0.0118 has struggled to break through the descending trendline over the past 24 hours. The emerging upward momentum could encourage Telegram’s coin to make another attempt to breach this barrier and test the $0.0130 level as support.

If the altcoin succeeds, it might continue the recovery that began yesterday. However, this rebound could lead to a consolidation within the range of $0.0130 to $0.0179, which has been in place since mid-June. Breaking through the $0.0179 resistance could prove challenging for NOT.

On the other hand, if the breakout attempt fails and Notcoin cannot maintain support at $0.0094, the price may drop below this level. As a result, Telegram’s cryptocurrency could hit its lowest point in two and a half months, with the risk of falling to an all-time low of $0.0045, which would invalidate the bullish outlook.

(3 votes)

3.0/5

(3 votes)

Latest

Crypto Trader James Wynn Loses $99 Million In A Week

News | Altcoin | Editor Choice

Crypto Trader James Wynn Loses $99 Million in a Week

Crypto trader James Wynn lost $99 million in just one week due to failed Bitcoin bets, while another trader made $17 million by taking the opposite positions.

Most Ethereum Etf Investors Deep In The Red

News | Altcoin | Editor Choice

Most Ethereum ETF Investors Deep in the Red

Most investors in BlackRock and Fidelity’s Ethereum ETFs are suffering heavy losses as Ether’s price falls well below their entry levels, amid volatility driven by former President Trump’s trade policies.

Trading Volume On Pancakeswap Reaches $138 Billion, Surpassing Uniswap

Altcoin | Editor Choice

Trading Volume on PancakeSwap Reaches $138 Billion, Surpassing Uniswap

Thanks to strong support from CZ and Binance exchange, PancakeSwap's trading volume in May reached $138 billion, far surpassing Uniswap.

Deepseek Unveils Upgraded Ai Model, Claims Performance On Par With Chatgpt And Gemini

News | AI | Editor Choice

DeepSeek Unveils Upgraded AI Model, Claims Performance on Par with ChatGPT and Gemini

DeepSeek, a leading AI company in China, has unveiled a powerful new model with advanced reasoning capabilities, claiming performance on par with ChatGPT and Gemini, further intensifying the global AI race.

Sec Officially Withdraws Lawsuit Against Binance And Cz

Editor Choice | Policy & Regulations

SEC Officially Withdraws Lawsuit Against Binance and CZ

The SEC has officially withdrawn its lawsuit against Binance and CZ, concluding the final legal actions by the SEC targeting cryptocurrency.